Best Buy Not Ready to ‘Size’ 5-Year Market Opportunity From 5G, Says COO

Best Buy “has a proven history of commercializing all new technologies” but won’t “size” the five-year financial opportunity from 5G, Chief Operating Officer Mike Mohan its analyst day conference Wednesday. Best Buy’s target is to grow revenue to $50 billion in the fiscal year ending February 2025 from the current FY 2020 guidance of $43.1 billion to $43.6 billion, and to do so with $1 billion of additional cost reductions and efficiencies, said the company. CEO Corie Barry said the goals were “aggressive but attainable.” The retailer will work with carriers on 5G to fashion “the best ways to leverage what they would like to get done with our ability to know how to do it,” said Mohan. “The one thing we do know about 5G, it is going to be a market-by-market rollout.” Best Buy knows 5G “is coming, and it’s going to require a different type of sales model to get the best out of it,” he said. “As 4G starts to reach its maximum benefit to consumers and the industry, 5G appears just over the horizon.”